Cannabis Cash Steps Into Digital Future

Cannabis financial services provider Abaca enters three-way partnership to digitize cash management.

April 22, 2021

NORTH LITTLE ROCK, Ark., April 21, 2021 (GLOBE NEWSWIRE) – PRESS RELEASE – Cannabis financial services provider Abaca has partnered with Staley Technologies and CIMA Cash Handling America Inc. to digitize one of the last remaining analog aspects of the industry—cash management.

The cost and risk of handling cash have been persistent problems in the cannabis industry. The companies’ collaboration delivers an integrated solution to cannabis operators, financial controllers and chief financial officers with secure cash custody processes and real-time visibility on company cash across the organization.

“The cannabis industry is oftentimes the last to see its business processes streamlined with tech-forward solutions because of compliance and development costs,” Abaca Chief Strategy Officer Brian Bauer said. “Abaca’s partnership with Staley Technologies and CIMA brings our clients, whether multistate operators or single dispensaries, a seamless solution. Clients can log into Abaca Online Banking and see a real-time cash position and transaction log, in addition to being able to manage financial operations and send money.”

The integrated back-office, cash-recycler solution is also having an operational impact at the retail dispensary level. Store management saves 20 to 40 hours a week in cash handling, freeing up time for managing revenue-producing activities.

“CIMA smart safes allow dispensary staff to easily count, deposit and record cash in seconds,” CIMA Vice President Vik Devjee said. “This solution formalizes the cash handling system. Employees drop cash into the counter, then it is deposited in the safe, and finally our smart safe prints a receipt for an accounting log. Our recyclers allow operators to prepare floats and access change, too. Owners and management can log into Abaca Online Banking to view all safe activity.”

Information gathered during physical cash counting and depositing into CIMA’s smart safe is displayed real-time in the Abaca Online Banking portal. Hardware installation and support is provided by Staley Technologies.

“Enterprise solutions require thoughtful and careful implementation and management. Staley is well positioned to bridge the gap between implementation, training and servicing,” Staley Technologies CEO Andrew Faulkner said. “At some point, the rubber meets the road when it comes to new technologies and daily operations. We are primed to support the cannabis industry as it evolves its business practices.”

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